New FHA Loan Limits Increased for Hampton Roads ~ Hampton Roads Real Estate Ramblings

New FHA Loan Limits Increased for Hampton Roads

Thursday, March 6, 2008

Hello Hampton Roads,

Effective as of March 5, 2008, the Federal Housing Administration (FHA) has increased it's loan limits for our area.


The limits are as follows:
Single Family $428,750.00
Two Family $548,850.00
Three Family $663,450.00
Four Family $824,500.00

To view loan limts for other areas of the country please visit:
https://entp.hud.gov/idapp/html/hicostlook.cfm


FHA is a branch of HUD and provides insurance for your loan; in other words, FHA doesn't lend the borrower money rather, it insures the lender in case the borrower defaults. In this time of rising foreclosures and tightening lending requirements, increased FHA limits are a boon to lenders and borrowers alike. Lenders are more willing to fund knowing that the loan is insured and borrowers have an affordable financing option with with a low down payment.


If you are considering purchasing a home and would like more information on loan options and getting pre-approved, please feel free to contact me!

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For your real estate needs, visit my website at
http://www.hamptonroadsrealestate.us/